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Sanjay Shukla
Aug 8, 2022
by Sanjay Shukla

How to Trade on Bitbns Crypto Exchange?

How to Trade on Bitbns

Table of contents

  1. What is Bitbns?
  2. What is a Crypto SPP Bitdroplet?
  3. Features of Bitbns:
  4. How Does Bitbns Work?
    1. KYC Verification:
  5. How to Trade on Bitbns?
    1. Bank Deposit and Withdrawal:
    2. Buy & Sell:
    3. Deposit or Withdraw Cryptocurrencies:
    4. Deposit:
    5. Withdrawal:
    6. Trading and Withdrawal Charges:
  6. Conclusion
With cryptocurrency emerging as a virtual currency of the future, India, being one of the largest economies in the world, has a seamless potential for growth and usage of cryptocurrency. If you believe in crypto as the future virtual currency and India’s potential to leverage it and want to know how to make money by trading cryptocurrencies, you have landed at the right place. Continue reading this article, to know about Bitbns, one of the most popular crypto exchanges, and how to register on it, and start buying, selling, and trading cryptocurrencies. Read further to understand how to trade on Bitbns crypto exchange in detail.

What is Bitbns?

what is bitbns

Bitbns is a cryptocurrency exchange platform where investors can buy, sell, and store cryptocurrencies and trade for digital and fiat currencies. Bitbns crypto exchange was founded by three IIT alumni Gaurav Dahake, Prashant Singh, and Srikanth Sethumadhavan in 2017. With a trading volume of around $19.1 million, and over 40 lakh active users, Bitbns is one of the top crypto exchanges in India.

what is bitbns

Bitbns offers real-time buying and selling of cryptocurrencies like Bitcoin, Ripple, Ethereum, etc. Investors can buy digital currencies in INR (Indian Rupee) on Bitbns and monitor their portfolios by checking the live rate of different cryptos on the Price Chart. Users can deposit or withdraw digital currencies in INR with linked bank accounts. A user can instantly deposit INR using NEFT, RTGS, IMPS, and UPI apps like BHIM, Paytm, PhonePe, etc. A user needs to register on Bitbns and verify their account by uploading the required documents to start trading cryptocurrencies.

What is a Crypto SPP Bitdroplet?

To reduce the burden of investing a large lump sum amount at once and minimize the risk involved in the crypto market, Bitbns has launched a Crypro SPP - Bitdroplet. Crypto SPP (Systematic Purchase Plan) works on the same line as Systematic Investment Plan (SIP) in mutual funds, allowing crypto users to invest a fixed amount at regular intervals in cryptocurrency. It works on the mechanism of Dollar-Cost Averaging, which makes an investor buy a small proportion of crypto at different time intervals at different price points. It reduces the losses by minimizing the impact of market volatility

SPP Bitdroplet

Features of Bitbns:

Along with a market watchlist, real-time open orders, trading View charts, and trade history, Bitbns exchange offers the following trading tools & features:

Bitbns Features

  • Bracket Order: To reduce the impact of market volatility, Bitbns offers a trading feature Bracket order, which is the combination of 3 orders- Entry Order, Exit Order, and Trailing Stop Loss Order. Users can set three orders at once and reduce losses and increase profits. It adjusts the execution points based on the movements in the market.

  • Margin Trading: It allows the investors to borrow funds to place large orders and earn more profit. Users can also lend their funds to others and earn a fixed interest with margin trading.

  • Stop-Limit Orders: With this option, investors can set a limit on the price they want to buy and sell their orders to maximize profits and minimize losses. You can enter or exit the market when you are sure about the price momentum through stop limit trading.

    • lend crypto

    • Double Protection: Bitbns provides Google 2FA, fingerprint, and PIN protection on its cryptocurrency wallet.

    • Margin Leverage: Bitbns allows four times margin to its users. They can borrow 3 times their net worth with the minimum net worth they need to have Rs 2,000.

    • Margin Lending: Another unique option that Bitbns offers to its users is margin lending, which enables them to lend their cryptocurrency funds to other users. This helps the users to earn more profit in the form of fixed interest for a fixed period of time.

      • How Does Bitbns Work?

      In the process to start your crypto journey, you need to open an account on Bitbns exchange by registering on its website or mobile app through the following steps:

      How Does Bitbns Work

      • Click on the Sign-Up button on the homepage

      • Fill up the personal details like name, mobile no, and email, and click Next

      • Enter the OTP received on your mobile number/email

        • KYC Verification:

        KYC Verification

        After entering your personal details on the Sign Up page, the window of KYC verification will appear, where you need to enter your PAN number and date of birth and upload your Aadhaar card and PAN card. On successful verification of the documents, you will receive an email confirming the status. 

        How to Trade on Bitbns?

        How to Trade on Bitbns

        Once the KYC verification is done, you can start trading over 390 cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), NEO (NEO), GAS, Monero (XMR), and Red pulse China (RPX) on Bitbns. Users can deposit and withdraw funds from their Bitbns wallet and can buy, and sell crypto using INR.

        Bank Deposit and Withdrawal:

        Bank Deposit and Withdrawal

        After completing the verification process, you need to add funds in INR to your Bitbns wallet to start buying and selling coins: Follow the below steps to learn how to deposit and how to withdraw money from Bitbns:

        • Tap on the Wallet button shown on the trading dashboard

        • Click on Add Money to Wallet on the account page

        • Select your preferred mode of payment - UPI or Bank transfer

        • For UPI, select your bank linked with UPI and enter the amount and tap the I Have Sent button

        • For Bank transfer, add Bitbns bank details as a beneficiary

        • Select the method of bank transfer (IMPS, NEFT or RGTS) and click on the I Have Sent button 

          • In the same way, INR can be withdrawn by clicking on the withdrawal button under the Add Money to Wallet section.

          Buy & Sell:

          Now users can start placing orders to buy and sell crypto by visiting Bitbns mobile app or website via the below steps:

          Buy & Sell

          • Click on the Market tab shown on top of the homepage

          • Select INR as currency as shown on the left side of the screen

          • Search the name of crypto you want to buy or sell

          • You can see the Price Chart, Order Book, and Trading History on the screen

          • Tap on Buy or Sell on the right-hand side of the page

          • Enter the amount and click on Buy/Sell followed by the Confirmation button to execute the transaction

            • Deposit or Withdraw Cryptocurrencies:

            To deposit or withdraw cryptocurrency on Bitbns, users need to click on the Wallet option on the homepage. On the left side of the Account page, you will be shown the list of cryptocurrencies. Tap on the deposit or withdraw option next to the coin you want to transact.

            Deposit or Withdraw Cryptocurrencies

            Deposit:

            • Click the Receive button next to the cryptocurrency you want to deposit on the Wallet page

            • Enter the address of the source wallet or exchange you are withdrawing from

            • Enter the amount you want to deposit

            • Complete the transaction in the source wallet

              • Withdrawal:

              • Click the Send button next to the cryptocurrency you want to send on the Wallet page

              • Enter the volume of crypto you want to send

              • Enter the address where you want to send the crypto

              • Enter the 2FA code and click Send

              • Click on the link received in your e-mail to verify your transaction

                • Trading and Withdrawal Charges:

                Trading and Withdrawal Charges

                Bitbns does not charge any fees on INR deposits and withdrawals. However, there is a maximum fee of Rs 9 on instant INR withdrawals. For spot trading, it charges 0.25%. Since there are different withdrawal charges for different Crypto coins, Bitbns charges 0.0005 BTC for withdrawing Bitcoin, which is below the global average.

                Conclusion

                This article may have added a lot to your understanding of the crypto world. As this in-depth guide is going to help you with how to trade on Bitbns crypto exchange, we suggest you gouge out more about the top crypto exchange on Cryptoknowmics to embark upon the journey in the world of virtual currency.

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                How to Trade on Bitbns Crypto Exchange?
                Sanjay Shukla
                Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.